|Skills Fund Loan||36 Month|
|Cosigners||Note: Up to 1 cosigner might be required in some instances.|
|Origination Fee||4.0% of loan requested (1)|
|Interest Rate (2)||Fixed
8.99% interest rate; 11.08% estimated APR
|Capitalization of Interest||Interest-Only Loans: Interest not capitalized unless payments not made.|
|Payments Required While Enrolled?||Interest-Only Loans: Monthly interest payments are required.|
|Grace Period||Two-month period after the in-school period, following official program completion, and before interest and principal repayment begins. (3)
Interest-Only Loans: Interest-only payments are required while in school and in the grace period.
|Post-Grace Period||Interest-Only Loans: Full repayments (principal and interest) are required.|
|Principal and Interest Repayment Term||36 months (3 years)|
This example shows the monthly payments of a $10,000 interest-only Skills Fund loan:
|Example on a $10,000 loan||36 Month|
|Annual Percentage Rate||11.08% (4)|
|Finance Charge (the dollar amount the credit will cost you)||$2,371.56 (4)|
|Interest-Only Monthly Payment||$77.91 (4)|
|Full Monthly (Principal and Interest) Payment||$330.67 (4)|
- (1) The 4.0% origination fee is assessed to all loans, and is added to the principal request, so for example, requesting $10,000 will result in a $400 origination fee that will be added to your loan balance and increase the amount you will accrue interest against to $10,400.
- (2) Interest rates are fixed and never vary.
- (3) Program completion dates are determined by the school, and full repayment begins 2 months after that date.
- (4) Annual Percentage Rate (APR): Finance charge and monthly payments are estimated based upon borrowing $10,000, a 4.0% origination fee, paying interest on the loan for 4 months while enrolled in the program and for a two-month grace period, then the 36-month principal and interest period.